Aon
AON · NYSEInsurance Agents, Brokers & Service · Fiscal year ends Dec 31
Aon reported revenue of $17.2B in the fiscal year ended Dec 2025, up 9.4% from the year before. Operating income was $4.3B, an operating margin of 25.3%, and net income was $3.7B. Operating cash flow of $3.5B less capital expenditure of $263M left free cash flow of $3.2B. Net debt was $14.1B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $12.2B | $12.5B | $13.4B | $15.7B | $17.2B |
| Operating income | $2.1B | $3.7B | $3.8B | $3.8B | $4.3B |
| Interest expense | $322M | $406M | $484M | $788M | $815M |
| Pre-tax income | $1.9B | $3.2B | $3.2B | $3.5B | $4.8B |
| Income tax | $623M | $510M | $541M | $742M | $1B |
| Net income | $1.3B | $2.6B | $2.6B | $2.7B | $3.7B |
| Diluted EPS | 5.55 | 12.14 | 12.51 | 12.49 | 17.02 |
| Diluted shares | 226M | 213M | 205M | 213M | 217M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $544M | $690M | $778M | $1.1B | $1.2B |
| Receivables | $3.1B | $3B | $3.3B | $3.8B | $4.2B |
| Current assets | $19B | $20.7B | $21.7B | $23.4B | $25.8B |
| Net PP&E | $529M | $558M | $638M | $637M | $702M |
| Goodwill | $8.4B | $8.3B | $8.4B | $15.2B | $15.8B |
| Total assets | $31.9B | $32.7B | $34B | $49B | $50.8B |
| Deferred revenue | $321M | $250M | $270M | $280M | $259M |
| Current liabilities | $19.1B | $20.3B | $21.7B | $23B | $23.2B |
| Short-term debt | $1.2B | $945M | $1.2B | $751M | $589M |
| Long-term debt | $8.2B | $9.8B | $10B | $16.3B | $14.7B |
| Total liabilities | $30.8B | $33.1B | $34.7B | $42.5B | $41.2B |
| Shareholders' equity | $1.1B | −$529M | −$826M | $6.1B | $9.4B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $2.2B | $3.2B | $3.4B | $3B | $3.5B |
| Capital expenditure | $137M | $196M | $252M | $218M | $263M |
| Free cash flow | $2B | $3B | $3.2B | $2.8B | $3.2B |
| Depreciation & amortisation | $179M | $151M | $167M | $183M | $188M |
| Stock-based compensation | $449M | $397M | $438M | $474M | $432M |
| Acquisitions | $14M | $162M | $35M | $3.5B | $394M |
| Dividends paid | $447M | $463M | $489M | $562M | $629M |
| Dividend per share | 1.99 | 2.19 | 2.41 | 2.64 | 2.91 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | 2.3% | 7.2% | 17.4% | 9.4% |
| Operating income growth (YoY) | – | 75.6% | 3.2% | 1.3% | 13.3% |
| EPS growth (YoY) | – | 118.7% | 3.0% | −0.2% | 36.3% |
| Operating margin | 17.1% | 29.4% | 28.3% | 24.4% | 25.3% |
| Net margin | 10.3% | 20.7% | 19.2% | 16.9% | 21.5% |
| Return on equityBlank when equity is negative | 118.3% | – | – | 43.4% | 39.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 16.3% | 29.6% | 30.8% | 14.8% | 15.8% |
| Free cash flow margin | 16.8% | 24.2% | 23.8% | 17.9% | 18.7% |
| Cash conversion (CFO ÷ net income) | 1.74x | 1.24x | 1.34x | 1.14x | 0.94x |
| Receivable days | 93 | 89 | 89 | 88 | 89 |
| Interest cover | 6.49x | 9.04x | 7.82x | 4.87x | 5.33x |
| Debt ÷ equity | 8.85x | – | – | 2.78x | 1.63x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $8.8B | $10.1B | $10.4B | $15.9B | $14.1B |
| Current ratio | 1.00x | 1.02x | 1.00x | 1.02x | 1.11x |
Recent filings
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Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.